The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-06-25
NEARLY ANOTHER BLACK FRIDAY.
OF SHORT DURATION THOUGH
MARKED BY SHARP DECLINES.
RUMORED QuARRELS BETWEEN GOULD,
Russell SAGE AND CYRUS ". FIELD.
Vigorous Denial of the Stories Manhattan Stands
the Brunt OF the Bear Attack-Missouri Pa
cihc and Western Union Depressed.

NEW \ ORR. June 24.-Ine STOCK FIX
change, this morning, became extreme
ly active and excited with heavy de-
clines. The market opened with feel
ing Of confidence i'm many of the stocks
which suffered so severely yesterday
and large supporting orders were given
all over the room. In few moments
however, there was very heavy selling
apparent and the report was started
that there had been a falling out he
tween Jay Gould and Russell Sage and
dan offered some heavy blocks cf Man
haitian stock which were taken by
Wright Il Co.. and in "A short period the
sales by Berlon amounted to !, 900 shares
and Wright's purchases To IL 900 shares.
These sales were made at about 156 but
as soon as Wright * Co.'S orders were
filed the price broke 10 1891 and at that
point Menzsheimer * Co. had stop or
ders reached and they offered the stock
down 10 per cent. without making a
sale.
The rally did not occur until the price
reached 100, falling 36l per cent. from
the opening figures. The room was COW
cred with brokers, and the decline
brought out selling orders in all classes
Of securities. Western Union, which
held firm for awhile. began to break
about IL O'Clock. and i'm a quarter of an
hour dropped 8 per cent. The fall in
other stocks was correspondingly great.
The greatest excitement was i'm the loan
crowd, where many inquiries were made
for loans on call. but parties who have
been prominen, in loaning money re-
fused to loan any amount. no matter
how small.
A PANIC DEVELOPED.
The excitement i'm the stock market
reached its greatest height shortly after
noon and a veritable panic was devel-
ope,I. No attention was paid by the
brokers to fractions in the sales made by
them, and the fluctuations were so wild
that sales were sometimes from 3 to 10
per cent. apart. Stocks bought near the
opening were thrown over when the
break occurred, and this selling COM
pIetely demoralized the spectators. The
marking down of loans and delivery of
orders Kept the clerks and messengers
fully as busy as the brokers, and the
street was the scene of more excitement
than has been witnessed since the May
panic of 1885.
The greatest declines so far recorded
are Manhattan 40l, To 1l6; Missouri Pa
cific IL per cent, to g3g; Cotton Seed Oil
Trust per cent, To 80; Richmond Ter
minal q per cent, to q: New England
& per cent. to 45a: Lake Erie and West
ern ; per cent, To 53t.
THE COUNTRY EXCITED.
The room during the panic was filled
with rumors of all kinds, and kilograms
from all points followed each other in
rapid succession giving selling orders
and making dDquiries about many re-
ports which were by this time circulated
all over the country. The increased
short interest saved the room from a
money panic by its demand for stocks
for delivery and S. V. White and some
other large operators entered the market
and began buying freely. They soon
gathered a large following, and the buy
ing turned the market almost as rapidly
as it had fallen. Stocks took long jumps
to their former prices. Manhattan re-
covered 80 per cent. of its loss, and other
stocks generally recovered abont half
the decline recorded. No failures were
announced as result of the break.
Mr.. Jay Gould, who il was rumored
was dead. was in his Office at 1875 Broad
way at I2:45 p. m, and was perfectly
well. His son. George Gould, was seen
by an Associated Press reporter, and
asked about the rumors Of his father $
death. He declared the reports to be
malicious falsehoods, circulated to affect
the stock market.
1890 p. NAT this hour the market
has recovered somewhat of its usual
tone and prices have risen from one to
nine per cent. from the lowest point.
Missouri Pacific, which fell to 92 and is
now 1Ol: Manhattan Elevated, which
dropped to 100, is now 12s, and Western
Union, which fell to 6s, is 70l. There
does not seem to have been any good
reason for the panic. and it was solely
due To a bear raid. assisted by false ru'
mors of Gould's death and the embar
rassment of prominent gentlemen
"a MALICIOUS FAIsEHooD."
A reporter of the Associated Press ha,
| lust seen Mr. Gould i'm his office and
| Gould furnished him with the following
letter which he had just sent to John j
| Herman:
The bulletin you are putting out tina
| nv Manhattan stock is in loans Is a ma
licious falsehood. Not a share of m,
Manhattan is in loans or has had m,
name on the back, nor do j owe a dollal
in the world. You should promptly
| contradict. Yours truly.
JAY GOULD.
Mr.. Gould said further, that the story
that he and Cyrus w. Field had quar-
relied was untrue, and that he and Field
We're as good friends as ever. The ru
NOR that Field is in trouble is also base
less.
| oUIETiSG DOWN.
I2:45 p. Mooney is 3-16 to t pei
diem, but Russell Sage is reported Al
having said that money will be easieI
from this time on Stocks continue Il
advance slightly, notw Outstanding thu
heavy rate for money. The excitement
on the Stock Board seems to have died
out, and things are quieting down
rapidly.
At the close the stock market was still
unsettled. hut generally firp- The tota